REITResearch

Redwood Trust, Inc. RWT

Listed / Traded Mortgage NYSE Mgmt:

Redwood Trust, Inc. is a specialized financial enterprise operating across the United States, managing its activities through three distinct divisions. Its Residential Mortgage Banking segment functions as a conduit, sourcing residential home loans from various third-party originators. These loans are then either sold, converted into securities, or incorporated into Redwood Trust's own investment portfolio. This division also utilizes derivative financial instruments to mitigate risks associated with these residential loans. The Business Purpose Mortgage Banking segment is dedicated to originating and acquiring loans tailored for business uses, including single-family rental and bridge loans. Similar to the residential segment, these are subsequently securitized, sold, or added to the company's investment holdings. Finally, the Investment Portfolio segment deploys capital into a diverse array of assets. This includes securities retained from its own residential and business purpose securitization efforts, as well as residential and smaller multifamily bridge loans. The company also invests in residential mortgage-backed securities issued by other entities, Freddie Mac K-Series multifamily loan securitizations, reperforming loan securitizations, servicer advance investments, home equity investments, and various other housing-related assets. Qualifying as a Real Estate Investment Trust (REIT) for federal tax purposes, Redwood Trust, Inc. commits to distributing at least 90% of its taxable income as dividends to its shareholders. The company was established in 1994 and maintains its headquarters in Mill Valley, California.

Snapshot

Price
$5.13
Market cap
$642.36M
Enterprise value
$25.73B
Dividend yieldi
14.04%
Annual dividendi
$0.72
Frequency
Quarterly
FFO / sharei
Not reported (common for mortgage REITs)
AFFO / sharei
Not reported in latest 8-K
Net debt / EBITDAi
106.57x · GAAP est.
Op. cash flow / sharei
$-77.50
Price / OCFi
-0.07
Payout (% of OCF)i
-0.93%
Debt / book capitali
96.35%
Premium / disc. to NAVi
No free consensus-NAV source
Credit ratingi
No free ratings feed

Reported FFO / AFFO / leverage are from the None earnings release (filed 2026-05-19) — 8-K, EX-99.1.

Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.

Balance sheet (latest FY: 2025)

Total debt
$22.16B
Cash
$255.66M
Net debt / EBITDAi
106.57x
Debt / book capitali
96.35%
Total assets
$23.70B
Total equity
$982.62M
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Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.

Financial history

FYRevenueNet incomeD&A EBITDAOp. cash flow
2025 $1.11B $-70.03M $10.06M $1.07B $-10.09B
2024 $242.50M $54.00M $11.92M $11.92M $-5.86B
2023 $158.60M $-2.27M $14.85M $14.85M $-2.02B
2022 $-22.10M $-163.52M $15.92M $398.85M $-139.14M
2021 $539.60M $319.61M $32.09M $800.74M $-5.69B
2020 $-318.03M $-581.85M $17.36M $-30.75M $-505.47M

Dividends

Ex-dateRecordPaymentDeclaredAmountFreq.
2026-06-232026-06-232026-06-30 2026-06-11$0.18Quarterly
2026-03-242026-03-242026-03-31 2026-03-12$0.18Quarterly
2025-12-232025-12-232025-12-30 2025-12-08$0.18Quarterly
2025-09-232025-09-232025-09-30 2025-09-11$0.18Quarterly
2025-06-232025-06-232025-06-30 2025-06-12$0.18Quarterly
2025-03-242025-03-242025-03-31 2025-03-13$0.18Quarterly
2024-12-232024-12-232024-12-30 2024-12-12$0.18Quarterly
2024-09-232024-09-232024-09-30 2024-09-11$0.17Quarterly
2024-06-212024-06-212024-06-28 2024-06-11$0.16Quarterly
2024-03-202024-03-212024-03-28 2024-03-07$0.16Quarterly
2023-12-192023-12-202023-12-28 2023-12-07$0.16Quarterly
2023-09-212023-09-222023-09-29 2023-09-12$0.16Quarterly
2023-06-222023-06-232023-06-30 2023-06-13$0.16Quarterly
2023-03-232023-03-242023-03-31 2023-03-14$0.23Quarterly
2022-12-192022-12-202022-12-28 2022-12-08$0.23Quarterly
2022-09-222022-09-232022-09-30 2022-09-13$0.23Quarterly
2022-06-222022-06-232022-06-30 2022-06-09$0.23Quarterly
2022-03-232022-03-242022-03-31 2022-03-14$0.23Quarterly
2021-12-162021-12-172021-12-28 2021-12-07$0.23Quarterly
2021-09-222021-09-232021-09-30 2021-09-13$0.21Quarterly
2021-06-222021-06-232021-06-30 2021-06-10$0.18Quarterly
2021-03-232021-03-242021-03-31 2021-03-10$0.16Quarterly
2020-12-162020-12-172020-12-29 2020-12-07$0.14Quarterly
2020-09-212020-09-222020-09-29 2020-09-11$0.14Quarterly

Coverage (payout of operating cash flow): -0.93%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).

Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.